System and method for determination of insurance classification of entities

ABSTRACT

Systems and methods are disclosed herein for determining an insurance evaluation based on an industrial classification. The system may be configured to receive an electronic resource address relating to an entity, access data relating to the entity using the electronic resource address, tokenize the data, generate token counts based on the tokenized data; and apply at least one computerized predictive model to the token counts to determine one or more classifications associated with the entity. The system may further be configured to conduct evaluations of insurability, fraud determinations and other processes using the determined classification(s).

CROSS-REFERENCE TO RELATED APPLICATIONS

This application claims the benefit of U.S. Provisional PatentApplication No. 61/724,109, filed Nov. 8, 2012, the entire disclosure ofwhich is incorporated by reference herein for all purposes.

FIELD OF THE INVENTION

In general, the invention relates to a computerized system and methodfor determining an industrial classification of an entity. Morespecifically, the invention relates to a computerized system and methodwhich uses a computerized predictive model to determine an industrialclassification, which is used to determine an insurance evaluation of anentity for pricing and other applications.

BACKGROUND OF THE INVENTION

In performing insurance processes, such as generating quotes forcoverage, an insurance company uses a number of factors. One of thefactors used in quoting and other insurance processes for insuranceprovided to businesses and non-profit entities is the industrialclassification of the entity. The industrial classification of an entityis an important factor in determining insurance risk. There are manystandardized industrial classification systems, such as StandardIndustrial Classification (SIC), North American IndustrialClassification System (NAICS), Global Industry Classification System(GICS), Industrial Classification Benchmark (ICB), Thomson ReutersBusiness Classifications (TRBC), Statistical Classification of EconomicActivities (NACE), Australian and New Zealand Standard IndustrialClassifications (ANZSIC), and International Standard IndustrialClassifications (ISIC). Many of these are multi-digit code systems,wherein each digit, reading from left to right, specifies an entity'ssector more specifically. For example, in the four-digit ICB, the firstdigit indicates industry, the second digit plus the first digit specifya supersector, the first three digits indicates sector, and the fullfour digits specify a subsector. There are also numerous customindustrial classification systems used by entities, such as insurers.

Current methods for aligning entities with appropriate industries areerror prone. In some cases, the operations of an entity are too variedto neatly fit into one or two industrial classifications, causingactivities of the entity to be ignored when an insurance quote is beingdetermined. In other cases, the industrial code assigned to an entity istoo general for assigning an accurate risk factor. For large andestablished companies, a third party data vendor may supply anindustrial classification, or an industrial classification may beprovided by an agent, but for new or small companies, third partyvendors may not have an industrial classification available. In thesecases, the burden of classifying the industry falls onto the entityitself or the agent. The assigned industrial classification selected bythe agent or entity may be incorrect or inadequate. Insurance companiesproduce hundreds of thousands of insurance quotes per year, so it isimpossible for insurance companies to verify the accuracy of industrialclassifications received from agents, insureds and third party vendorsfor each entity they develop a quote for.

For these reasons, an industrial classification assigned to an entitymay not accurately represent the entity's operation, leading to economicconsequences for the insurance company. For example, a company thatsells appliances may also employ an installation team to install theappliances. The activities involved in installation, from transportingthe appliances to handling them in an unfamiliar setting, are muchriskier than activities on a retail floor or in a warehouse.Furthermore, the entity may be liable for any accidents damaging theappliances or the installation site. While the entity may be truthfullyclassified as an appliance retailer, if the entity is paying aninsurance premium that has been determined for an appliance retailerwithout taking into account the installation aspect of the business, theinsurer of the appliance company runs the risk of the appliance companyincurring greater losses than were expected or insured. In cases likethis, the insurance company is typically still contractually bound tocover the losses under the policy.

SUMMARY

There is therefore a need in the insurance industry for a system andmethod for more accurately determining an industrial classification ofan entity, and verifying a received industrial classification for anentity. Electronic resources maintained by entities, such as websites,social media pages and feeds, and other available data, such as thirdparty data in advertising and rating websites, business directories, andother electronic resources, along with data scraping methods can be usedto solve this problem. The systems and methods disclosed herein leverageavailable electronic resources, such as websites and social media pages,maintained by entities or related to the entities, as well as thirdparty electronic resources, to determine one or more likely industrialclassifications for the entity. This computer-generated classificationhas a wide range of applications, such as identifying a risk factor ofthe entity, identifying additional information needed from the entityfor setting a premium price, setting a premium price, and determiningthe truthfulness of the representative applying for insurance and/or theagent preparing the application. The computer-generated classificationmay provide data particular to insurance evaluation needs, and may serveas an insurance classification. In addition, data extracted from suchelectronic resources may be analyzed for other insurance purposes, suchas identification of words and phrases that may indicate a particularrisk associated with the entity.

Accordingly, systems and methods are disclosed herein for determiningand verifying an insurance evaluation based on an industrialclassification or an insurance classification. In embodiments, a systemfor making an insurance evaluation includes one or more computerprocessors configured to: retrieve, from an electronic resource, dataindicative of content related to an entity seeking an insurance policy;tokenize the retrieved data; generate token count data based on thetokenized data and store the token count data in one or more datastorage devices in communication with the one or more computerprocessors; execute a computerized predictive model by: processing thetoken count data using the computerized predictive model; andoutputting, based on the processing, first data indicative of at leastone industrial classification and second data indicative of a likelihoodof the industrial classification being associated with the entity.

In embodiments, a computerized method for performing an insuranceprocess includes: receiving by one or more computer processors anelectronic resource address related to an entity; retrieving by the oneor more computer processors content available at the electronic resourceaddress and storing the retrieved content in one or more data storagedevices; tokenizing by the one or more computer processors the content;generating by the one or more computer processors token count data basedon the tokenizing; applying, by the one or more computer processors, acomputerized predictive model to the token count data to determine firstdata indicative of at least one industrial classification associatedwith the entity and second data indicative of a confidence levelassociated with the at least one industrial classification; outputtingfor display on a user device the first data and a user prompt forconfirmation of at least one of the one or more industrialclassifications; and receiving user confirmation of one of the one ormore industrial classifications associated with the entity.

In some embodiments, a non-transitory computer readable medium hasstored therein instructions for, upon execution, causing a processor toimplement a method for performing an insurance process comprising:obtaining an electronic resource address related to an entity;retrieving content published on the electronic resource; tokenizing thecontent; generating token count data based on the tokenizing; processingby one or more computerized predictive models the token count data todetermine at least first data indicative of one or more industrialclassifications associated with the entity and second data indicative ofa likelihood associated with each of the one or more industrialclassifications; and outputting the first data and the second data.

In some embodiments, the system includes a content processor, acomputerized predictive model, and a business logic processor. Thecontent processor retrieves content from a website related to an entityseeking an insurance policy and extracts data from the website content.The computerized predictive model accepts the data extracted from thewebsite content from the content processor, processes the extracteddata, and outputs data indicative of at least one industrialclassification associated with the entity. The business logic processordetermines an insurance evaluation of the entity based on its industrialclassification(s). The insurance evaluation may be at least one of aninsurance risk, and insurance price, a level of underwriting necessary,and an actuarial class.

In some embodiments, the computerized predictive model has been trainedon industrial classification data related to entities associated withthe contents of a plurality of websites. The computerized predictivemodel may be further trained by industrial classification-related dataextracted from the contents of an insurance claims database. Thepredictive model may determine a confidence rating or probability foreach industrial classification representing how well each industrialclassification describes the entity. The business logic processor maydetermine whether to output an industrial classification based onwhether the confidence rating for the industrial classification is abovea threshold value. A second predictive model may be use to determine thesize of the entity from website content.

In some embodiments, the business logic processor identifies additionalinformation to be obtained based on the at least one industrialclassification returned. The business logic processor may determine aset of questions to ask an insurance applicant based on at least oneconfidence rating, and responses to the questions may be used todetermine a suitable industrial classification for the entity.

In some embodiments, the website content comprises at least one image,and the content processor is configured to process the image to beaccepted by the predictive model for processing and outputting anindustrial classification.

In some embodiments, the business logic processor displays the at leastone industrial classification using an insurance application processingsystem, outputs the at least one industrial classification to anunderwriting system, or outputs the at least one industrialclassification to a claims processing system. The business logicprocessor may adjust the price of an insurance premium for the entitybased on the insurance evaluation of the entity as determined based onthe entity's industrial classification. The business logic processor maycompare an industrial classification indicated by the predictive modelto a classification obtained from at least one of the entity, an agent,or a third party.

In some embodiments, a single processor is configured to perform thefunctions of at least two of the content processor, the computerizedpredictive model, and the business logic processor. The system may alsoinclude a quote generation processor for generating an insurance quote.

In an embodiment, a processor executing instructions in asoftware-implemented user front end prompts a user to input a websiteaddress of the customer. Responsive to receiving the website address,the processor causes data from the website corresponding to the webaddress to be obtained. The obtained data may include data from a homepage of the website and one or more additional levels, and may includeonly text, or text and additional data such as graphics data. The datamay be tokenized, and token counts generated from the tokenized websitedata. In embodiments, a listing of tokens, or words that are determinedto have significance in determining industrial classification, may beemployed. The token count data may be structured as known in the textmining field and furnished to the computerized predictive model foranalysis. The model will then determine one or more of the most likelyindustrial classifications for the customer, and the system causes theone or more industrial classifications to be displayed on thesoftware-implemented user front end on a user device. In embodiments,the system may display two or more of the most likely industrialclassifications and provide a prompt for a user to select a correctclassification from the displayed classifications.

The system may be configured using software to display on a user devicean option for a user to provide feedback based on the identifiedclassifications. By way of example, the user may have an option toindicate that none of the identified candidate classifications arecorrect.

In embodiments, the computerized predictive model may operate in realtime, so that results are returned in real time to system users, such asinsurance agents and underwriters and other insurance company personnel.In embodiments, the system may be configured to perform classificationdetermination using the predictive model in batch mode.

According to another aspect, the invention relates to computerizedmethods for carrying out the functionalities described above. Accordingto another aspect, the invention relates to non-transitory computerreadable medium having stored therein instructions for causing aprocessor to carry out the functionalities described above.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is an architectural model of a system for determining anindustrial classification by an insurance company, according to anillustrative embodiment of the invention.

FIG. 2 is a block diagram of a computing system as used in FIG. 1,according to an illustrative embodiment of the invention.

FIG. 3 is a flowchart for a method of determining the industrialclassification and insurance risk of an entity, according to anillustrative embodiment of the invention.

FIG. 4 is a flowchart of a method for determining and using theindustrial classification and insurance risk of an entity within aninsurance underwriting process, according to an illustrative embodimentof the invention.

FIG. 5 is a diagram of a graphical user interface for obtaining datarelated to an entity for use in the insurance underwriting method ofFIG. 4, according to an illustrative embodiment of the invention.

FIG. 6 is a diagram of a graphical user interface for obtainingadditional data related to an entity for use in the insuranceunderwriting method of FIG. 4, according to an illustrative embodimentof the invention.

FIG. 7 is a diagram of a graphical user interface for displayingindustrial classifications determined by a computerized predictivemodel, according to an illustrative embodiment of the invention.

FIG. 8 is a diagram of a mobile device for executing an application forpresenting an industrial classification of an entity, according to anillustrative embodiment of the invention.

FIG. 9 is a simplified web page, illustrating a type of web page thatwould be analyzed for determining the industrial classification of anentity, according to an illustrative embodiment of the invention.

FIG. 10 is a simplified web page linked from the simplified web page ofFIG. 9, illustrating another type of a web analyzed for determining theindustrial classification of an entity, according to an illustrativeembodiment of the invention.

FIG. 11 is a process flow 1100 of an embodiment of a method ofdetermining industrial classification of an entity.

FIG. 12 shows a screen shot of a screen generated on a user device by aweb-based industry classifier system.

FIG. 13 shows an exemplary screen shot relating to data usable inconnection with embodiments of the invention.

FIGS. 14A, 14B and 14C show an exemplary process flow of an embodimentof a method of determining industrial classification of an entity.

FIG. 15 shows a user device displaying a screen shot of a web interfacegenerated by a web-based industry classifier system is shown.

FIG. 16 shows the user device of FIG. 15 displaying an image of aselected entity website.

FIG. 17 shows the user device of FIG. 15 displaying a result of aweb-based industry classifier system.

FIG. 18 shows an excerpt of a data table associating inverse documentfrequency values with tokens in a web-based industry classifier system.

FIG. 19 shows an excerpt of token counts extracted from an entitywebsite.

FIG. 20 shows an excerpt of a data table associating token frequencyinverse document frequency values for tokens extracted from an entitywebsite.

FIG. 21 shows an excerpt of a decision tree used in an exemplaryweb-based industry classifier system.

DESCRIPTION OF CERTAIN ILLUSTRATIVE EMBODIMENTS

To provide an overall understanding of the invention, certainillustrative embodiments will now be described, including systems andmethods for web-based industrial classification. However, it will beunderstood by one of ordinary skill in the art that the systems andmethods described herein may be adapted and modified as is appropriatefor the application being addressed and that the systems and methodsdescribed herein may be employed in other suitable applications, andthat such other additions and modifications will not depart from thescope thereof.

The term “predictive model” as used herein includes any rules ortechnique using statistical techniques for using a computer todetermining a probable or most likely one of a set of possible outputsor values, based on input data. Predictive models are typically createdby applying suitable algorithms to sets of data having known results,identified as training data, and then testing resulting predictivemodels against a set of similar data. Predictive models may beunderstood as heuristic techniques for determining classifications basedon input data. Examples of predictive models include the rotation forestand random forest technique, other classification trees, and otherclassification model types, such as naïve Bayesian models, Bayesiannetwork models, K-Nearest neighbor models and support vector machines.

FIG. 1 is a block diagram of a system 100 for making an insuranceevaluation, including determining or verifying one or more likelyindustrial classifications of an entity by an insurance company,according to an illustrative embodiment. The system 100 uses acomputerized predictive model to identify at least likely one industrialclassification of an entity seeking an insurance policy based on contentrelated to the entity and retrieved from a website. The computerizedpredictive model is any model configured to try to best predict theprobability of an outcome (i.e. one or more likely industrialclassifications for the entity). An insurance company uses a determinedindustrial classification in an insurance determination relating to theentity. The insurance determination may include in embodimentsdetermining whether to provide a quote, determining which risks tounderwrite, setting or adjusting a price of an insurance premium,setting or adjusting premiums and other insurance quote and policyterms, and other insurance purposes. In embodiments, the insurancedeterminations may be determined by one or more computer systems. Inother embodiments, one or more steps in the insurance determinations maybe made by an insurance professional such as an underwriter; forexample, a computer system may generate one or more insurancerecommendations which may be adjusted or overridden by an underwriter,or an underwriter may determine one or more insurance determinationswithout a computer-generated recommendation. An underwriter may be anemployee of an insurance company otherwise affiliated with or in a thirdparty arrangement with the insurance company.

In addition to identifying or verifying one or more likely industrialclassifications for the entity, in an embodiment, the system 100 mayoutput scores or rankings for the identified industrial classificationsindicating how well they describe the entity. In embodiments, the outputmay alternatively or additionally include questions or data fields whoseresponses may be used for better identifying the industrialclassification or providing more accurate risk analysis of the entity.In embodiments, the output may be provided to be displayed directly to arepresentative of the entity, to an insurance agent, or to anotheremployee or contractor of the insurance company. The output may inembodiments alternatively or additionally be sent to a computer systemof the insurance company or a third party providing processing on behalfof the insurance company; such a system may be an underwriting or aninsurance processing computer system.

In the embodiment illustrated in FIG. 1, the system 100 includes one ormore insurance agent terminals 102 in communication with an insurancecompany system 104 over a communication network 150. Insurance agentstypically collect information and work on behalf of an insurance companyto sell insurance to an entity. Insurance agents may be employed by theinsurance company, or they may be third-party individuals or employed bya third-party company and contracted by the insurance company to marketinsurance products. Insurance agents who are not directly employed bythe insurance company but who market the insurance company's productsare considered a part of the insurance company for the purposes of thisapplication. Each insurance agent terminal 102, which may in anembodiment be part of an insurance agent company system, interacts withthe insurance company system 104. The agent terminal 102 in embodimentsstores and executes software via which an insurance agent may obtaininformation from, and sell insurance policies to, customers of theinsurance agent. In one implementation, such software includes a webbrowser configured for receiving and displaying web page data from theinsurance company system 104. In embodiments, the agent terminalsoftware includes a thin or thick client that communicates with theinsurance company system 104. In general, an agent terminal 102 can beany computing device known in the art, including for example, a personalcomputer, a laptop computer, netbook, smart phone, hand-held computer,or a personal digital assistant. In embodiments, at least a portion ofthe functionality of one or more agent terminals 102 is carried out by acomputing device operated by the insurance company. In embodiments, theinsurance company may offer a web site for direct customer interaction,for example to purchase a new insurance policy, update an insurancepolicy, receive a new insurance policy quote, or request renewal of aninsurance policy.

In the embodiment illustrated in FIG. 1, the insurance company system104 includes a plurality of application servers 112, a plurality of loadbalancing proxy servers 114, an insurance company database 116, a claimsdatabase 118, a processing unit 120, and company terminal 122. Thesecomputing devices are connected by a local area network 126.

The application servers 112 are responsible for interacting with theagent terminals 102. For example, the application servers 112 store andexecute software for generating web pages for communication to the agentterminals 102. These web pages serve as user interfaces for insuranceagents to interact with the insurance company system 104. Inembodiments, alternatively, or in addition, one or more of theapplication servers 112 may be configured to communicate with thin orthick clients operating on the agent terminals 102. The load balancingproxy servers 114 operate to distribute the load among applicationservers 112.

The insurance company database 116 stores information about insurancepolicies sold by the insurance agents. For each insurance policy, thedatabase 116 includes for example and without limitation, the followingdata fields: policy coverage, limits, deductibles, the agent responsiblefor the sale or renewal, the date of purchase, dates of subsequentrenewals, product and price of product sold, applicable automationservices (for example, electronic billing, automatic electronic fundstransfers, centralized customer service plan selections, etc.), customerinformation, customer payment history, or derivations thereof.Additionally, an insurance claims database 118 includes informationrelated to claims of insurance policies, such as descriptions of eventscausing insurance claims to be made, information about the entitiesinvolved, police reports, and witness statements. A single database maybe used for storing data from both the insurance company database 116and the insurance claims database 118. A logical database may be storedin one or more physical data storage devices which may be co-located orlocated at different facilities.

The processing unit 120 is configured for determining or verifying oneor more likely industrial classifications of an entity. The processingunit 120 may comprise multiple separate processors, such as a contentprocessor, which retrieves content from client-related electronicresources such as websites and social media resources, over thecommunications network 150, current policy content from the insurancecompany database 116, and/or insurance claims content from the claimsdatabase 118. The processing unit 120 also includes a computerizedpredictive model processor which receives input from the contentprocessor to determine or verify one or more likely industrialclassifications for an entity. In an embodiment, the processing system120 further includes a business logic processor, which, among otherthings, is configured to determine one or more insurance determinations,including determining a risk associated with an industrialclassification and setting characteristics of an insurance policy basedon that risk and/or the classification. The business logic processor maybe configured to price an insurance policy and generate a quote. In analternative embodiment, insurance quotes may be generated by a separateprocessor called a quote generation processor. An exemplaryimplementation of a computing device for use in the processing system120 is discussed in greater detail in relation to FIG. 2.

The company terminals 122 provide various user interfaces to insurancecompany employees to interact with the processing system 120. Theinterfaces include, without limitation, interfaces to adjust, furthertrain, or retrain the computerized predictive model; to retrieve datarelated to the computerized predictive model; to manually adjustidentified industrial classifications; and to adjust insurance risks ofindustrial classifications. In some embodiments, different users may begiven different access privileges. For example, marketing employees mayonly be able to retrieve information on entities and industrialclassifications but not make any changes to databases or predictivemodels. Such interfaces may be integrated into one or more websites formanaging the insurance company system 104 presented by the applicationservers 112, or they may be integrated into thin or thick softwareclients or stand alone software. The company terminals 122 can be anycomputing devices suitable for carrying out the processes describedabove, including personal computers, laptop computers, personal digitalcomputers, smart phones, servers, and other computing devices.

The third party data sources 106 provide data not generally available inthe insurance company system 104. Third party data can be obtainedfreely or by purchasing the data from third-party sources. The thirdparty data may be used for training the computerized predictive model orcategorizing a particular entity seeking insurance. The third party datasources include web pages published publicly on the Internet or securewebsites that require login access. The third party data sources mayinclude data from advertising sources, such as yellowpages.com, servicesproviding ratings, such as Angie's List and Yelp, and other sources. Thecontent processor in processing system 120 can retrieve content fromelectronic resources accessible via networks including the Internetfrom, for example, the website of entities seeking insurance, socialmedia pages and fees of such entities, or electronic resources ofentities that publish reviews of the entity seeking insurance. Thirdparty data sources may also include industrial classifications fromcredit information vendors, such as Experian or Dun & Bradstreet, orother third-party entities that provide industrial classifications.These or similar companies may also provide company or organizationprofile information for categorizing an entity or training thepredictive model.

In an embodiment, the system 100 includes an underwriter. The insurancecompany may include an underwriting service, which is part of or incommunication with the insurance company system 104. In some cases, theinsurance company may contract with one or more third party underwriters130, which are separate from the insurance company system 104. Theunderwriter evaluates the risks and exposures of the entity seekinginsurance. The underwriter may also set the price of an insurancepremium. In the case that underwriting analysis is performed outside ofthe insurance company system 104, the underwriter system may include oneor more of the processing elements of processing unit 120. Inembodiments, the underwriter system may include the content processorfor retrieving and processing data related to an entity for classifyingthe entity, and the computerized predictive model for determining anindustrial classification related to the entity. Alternatively, theinsurance company system 104 may include these processing elements andsend the results over the communication network 150 to the underwriter,which will use the industrial classification information to set thepremium price.

Rather than shopping through an insurance agent, a customer may interactdirectly with the insurance company system 104 through customer terminal132 over communications network 150. A representative of the entitydirectly enters data related to the entity for use in pricing aninsurance policy for the entity. The representative also receives outputfrom the insurance company via the customer terminal 132. The customerterminal 132 in embodiments stores and executes software via which acustomer may obtain information on and purchase insurance policies. Inembodiments, such software includes a web browser configured forreceiving web page data from the insurance company system 104. Inalternative embodiments, the software includes a thin or thick clientthat communicates with the insurance company system 104. The customerterminal 132 may be any computing device known in the art, including forexample, a personal computer, a laptop computer, netbook, smart phone,hand-held computer, or a personal digital assistant.

FIG. 2 is a block diagram of a computing device 200 used for carryingout at least one of content processing, predictive model processing, andbusiness logic processing described in relation to FIG. 1, according toan illustrative embodiment of the invention. The computing devicecomprises at least one network interface unit 204, an input/outputcontroller 206, system memory 208, and one or more data storage devices214. The system memory 208 includes at least one random access memory(RAM) 210 and at least one read-only memory (ROM) 212. All of theseelements are in communication with a central processing unit (CPU) 202to facilitate the operation of the computing device 200. The computingdevice 200 may be configured in many different ways. For example, thecomputing device 200 may be a standalone computer or alternatively, thefunctions of computing device 200 may be distributed across multiplecomputer systems and architectures. The computing device 200 may beconfigured to perform some or all of the content processing, predictivemodel processing, and business logic processing, or these functions maybe distributed across multiple computer systems and architectures. Inthe embodiment shown in FIG. 1, the computing device 200 is linked, vianetwork 150 or local network 124 (also described in FIG. 1), to otherservers or systems housed by the insurance company system 104, such asthe load balancing server 114, and the application servers 112.

The computing device 200 may be configured in a distributedarchitecture, wherein databases and processors are housed in separateunits or locations. The computing device 200 may also be implemented asa server located either on site near the insurance company system 104,or it may be accessed remotely by the insurance company system 104. Somesuch units perform primary processing functions and contain at a minimuma general controller or a processor 202 and a system memory 208. In suchan embodiment, each of these units is attached via the network interfaceunit 204 to a communications hub or port (not shown) that serves as aprimary communication link with other servers, client or user computersand other related devices. The communications hub or port may haveminimal processing capability itself, serving primarily as acommunications router. A variety of communications protocols may be partof the system, including, but not limited to: Ethernet, SAP, SAS™, ATP,BLUETOOTH™, GSM and TCP/IP.

The CPU 202 comprises a processor, such as one or more microprocessorsand one or more supplementary co-processors such as math co-processorsfor offloading workload from the CPU 202. The CPU 202 is incommunication with the network interface unit 204 and the input/outputcontroller 206, through which the CPU 202 communicates with otherdevices such as other servers, user terminals, or devices. The networkinterface unit 204 and/or the input/output controller 206 may includemultiple communication channels for simultaneous communication with, forexample, other processors, servers or client terminals. Devices incommunication with each other need not be continually transmitting toeach other. On the contrary, such devices need only transmit to eachother as necessary, may actually refrain from exchanging data most ofthe time, and may require several steps to be performed to establish acommunication link between the devices.

The CPU 202 is also in communication with the data storage device 214.The data storage device 214 may comprise an appropriate combination ofmagnetic, optical and/or semiconductor memory, and may include, forexample, RAM, ROM, flash drive, an optical disc such as a compact discand/or a hard disk or drive. The CPU 202 and the data storage device 214each may be, for example, located entirely within a single computer orother computing device; or connected to each other by a communicationmedium, such as a USB port, serial port cable, a coaxial cable, anEthernet type cable, a telephone line, a radio frequency transceiver orother similar wireless or wired medium or combination of the foregoing.For example, the CPU 202 may be connected to the data storage device 214via the network interface unit 204.

The CPU 202 may be configured to perform one or more particularprocessing functions. For example, the computing device 200 may beconfigured as a content processor. The content processor retrievesexternal data from, for example, the Internet and claims database 118.The content processor accesses the Internet, claims database 118, orother data source and extracts data for predictive model processing. Thecontent processor may extract and manipulate data from text, images, orother formats delivered through HTML, SVG, Java applets, Adobe FLASH,Adobe SHOCKWAVE, Microsoft SILVERLIGHT, or other web formats orapplications. The same computing device 200 or another similar computingdevice may be configured as a predictive model processor. The predictivemodel processor receives input from the content processor to determineone or more likely industrial classifications for an entity.

The data storage device 214 may store, for example, (i) an operatingsystem 216 for the computing device 200; (ii) one or more applications218 (e.g., computer program code and/or a computer program product)adapted to direct the CPU 202 in accordance with the present invention,and particularly in accordance with the processes described in detailwith regard to the CPU 202; and/or (iii) database(s) 220 adapted tostore information that may be utilized to store information required bythe program. In some embodiments, the database(s) 220 includes adatabase storing insurance company data and/or claims data used fortraining the predictive model or identifying the industrialclassifications of entities. The database(s) 220 may include all or asubset of data stored in insurance company database 116 and/or claimsdatabase 118, described above with respect to FIG. 1, as well asadditional data, such as formulas or manual adjustments, used inestablishing the insurance risk of an entity and other insurancedeterminations.

The operating system 216 and/or applications 218 may be stored, forexample, in a compressed, an uncompiled and/or an encrypted format, andmay include computer program code. The instructions of the program maybe read into a main memory of the processor from a computer-readablemedium other than the data storage device 214, such as from the ROM 212or from the RAM 210. While execution of sequences of instructions in theprogram causes the CPU 202 to perform the process steps describedherein, hard-wired circuitry may be used in place of, or in combinationwith, software instructions for implementation of the processes of thepresent invention. Thus, embodiments of the present invention are notlimited to any specific combination of hardware and software.

Suitable computer program code may be provided for performingdeterminations of likely industrial classifications as described inrelation to the following Figures. The program also may include programelements such as an operating system, a database management system and“device drivers” that allow the processor to interface with computerperipheral devices (e.g., a video display, a keyboard, a computer mouse,etc.) via the input/output controller 206.

The term “computer-readable medium” as used herein refers to anynon-transitory medium that provides or participates in providinginstructions to the processor of the computing device (or any otherprocessor of a device described herein) for execution. Such a medium maytake many forms, including but not limited to, non-volatile media andvolatile media. Non-volatile media include, for example, optical,magnetic, or opto-magnetic disks, or integrated circuit memory, such asflash memory. Volatile media include dynamic random access memory(DRAM), which typically constitutes the main memory. Common forms ofcomputer-readable media include, for example, a floppy disk, a flexibledisk, hard disk, magnetic tape, any other magnetic medium, a CD-ROM,DVD, any other optical medium, punch cards, paper tape, any otherphysical medium with patterns of holes, a RAM, a PROM, an EPROM orEEPROM (electronically erasable programmable read-only memory), aFLASH-EEPROM, any other memory chip or cartridge, or any othernon-transitory medium from which a computer can read.

Various forms of computer readable media may be involved in carrying oneor more sequences of one or more instructions to the CPU 202 (or anyother processor of a device described herein) for execution. Forexample, the instructions may initially be borne on a magnetic disk of aremote computer (not shown). The remote computer can load theinstructions into its dynamic memory and send the instructions over anEthernet connection, cable line, or even telephone line using a modem. Acommunications device local to a computing device (e.g., a server) canreceive the data on the respective communications line and place thedata on a system bus for the processor. The system bus carries the datato main memory, from which the processor retrieves and executes theinstructions. The instructions received by main memory may optionally bestored in memory either before or after execution by the processor. Inaddition, instructions may be received via a communication port aselectrical, electromagnetic or optical signals, which are exemplaryforms of wireless communications or data streams that carry varioustypes of information.

FIG. 3 is a flowchart for a method 300 of determining the industrialclassification and insurance risk of an entity, according to anillustrative embodiment of the invention. The method 300 comprisestraining a predictive model with websites (step 302), obtaining a webaddress related to an entity (step 304), retrieving content from thewebsite (step 306), accepting processed web content (step 308), furtherprocessing the website content using a predictive model (step 310),outputting an industrial classification for the entity (step 312), anddetermining an insurance risk of the entity (step 314).

Before using the computerized predictive model, it must be trained on aset of training data (step 302). Training data includes contentretrieved from websites, such as company websites; ratings websites suchas ConsumerSearch, Eopinions, and Yelp; and social networking sites,such as Facebook, Twitter or LinkedIn. Any website that includesinformation about an entity with a known industrial classificationand/or employees of that entity may be used as training data. Anycombination of techniques for web scraping, such as text grepping, HTTPprogramming, DOM parsing, HTML parsing, or use of web scraping software,may be used to retrieve web content. The content may comprise text,images, videos, animation, or any other website content. The content maybe published on the website using HTML, SVG, Java applets, Adobe Flash,Adobe Shockwave, Microsoft Silverlight, or other web formats orapplications. The content processor is configured for retrieving thewebsite content in some or all of the aforementioned formats or anyother format.

In order to train the computerized predictive model, the extractedelectronic resource data is processed in order to identify indicators ofa particular industrial class. For text data, natural languageprocessing techniques may be used to organize the text. The contentprocessor may filter stop words, such as articles or prepositions, fromthe text. In one embodiment, the content processor may only retain wordsof a certain part of speech, such as nouns and/or verbs. The remainingwords may be reduced to their stem, base, or root form using anystemming algorithm. Additional processing of the website content mayinclude correcting spelling errors, identifying synonyms of words,performing coreference resolution, and performing relationshipextraction. Once the words have been processed, they may be counted andassigned word frequencies or ratios.

In addition to website content, each entity is assigned at least oneindustrial classification, typically from a standardized industrialclassification system such as the Standard Industrial Classification(SIC) system or North American Industrial Classification System (NAICS).The industrial classifications may be provided by a third party, such asa vendor like Experian or Dun and Bradstreet, and/or assigned by theinsurance company. If the industrial classifications are provided by athird party, the insurance company may review the assignedclassifications and confirm or adjust them. More than one industrialclassification may be assigned to an entity. For example, a bakery mayfall under at least SIC codes 2050 (Bakery Products) and 2052 (Cookiesand Crackers) if the bakery makes cookies as well as cakes and pies.

The computerized predictive model is trained to classify an entity'swebsite content as indicative of one or more industrial classifications,for example, using the word count or word frequency data describedabove. Because of the large amount of data and large amount of potentialindustrial classifications, Bayesian classifiers, particularly NaïveBayes classifiers and hierarchical Bayesian models, are very suitable.One Bayesian model that is particularly suitable is the Latent Dirichletallocation model, which is a topic model that allows sets ofobservations to be explained by unobserved groups that explain why someparts of the data are similar. The text of a website or group ofwebsites is viewed as a mixture of various topics, and learning thetopics, their word probabilities, topics associated with each word, andtopic mixtures of documents is a problem of Bayesian inference. TheLatent Dirichlet allocation model is described in detail in the paper“Latent Dirichlet allocation” by David M. Blei, Andrew Y. Ng, andMichael I. Jordan (Journal of Machine Learning Research 3: pp. 993-1022,January 2003), incorporated herein by reference. Suitable statisticalclassification methods also include random forests, random naïve Bayes,Averaged One-Dependence Estimators (AODE), Monte Carlo methods, conceptmining methods, latent semantic indexing, k-nearest neighbor algorithms,or any other suitable multiclass classifier. The selection of theclassifier can depend on the size of the training data set, the desiredamount of computation, and the desired level accuracy.

For classifying an entity using a trained predictive model, theindustrial classification system first obtains a web address related tothe entity (step 304). The web address may be input through anapplication on the agent terminal 102 or customer terminal 132 fromFIG. 1. The web address may be received from a third party data source,such as a vendor that collects and distributes information on entities.Alternatively, the web address may be retrieved from the insurancecompany database 116, which may store the web addresses of insuredentities' websites. The system may include or be in connection withanother database or data store to supply a web address. For example, asystem memory may store web addresses of popular ratings or reviewwebsites, such as ConsumerSearch, Eopinions, Yelp, etc., which can besearched to obtain a web address of a web page with published reviewsand other information related to the entity. Similarly, the processingunit 120 may automatically search the Internet using, for example,Google, Bing, Yahoo!, etc. and inputting the entity's name, possiblyalong with other information, such as location. Such a search can returnaddresses of the entity's website and/or addresses of other websitesrelated to the entity. In another embodiment, the processing unit 120may search social networking sites, such as Facebook or LinkedIn, thatinclude information about the entity and/or employees of the entity.Employee information of interest for identifying an industrialclassification includes education, past positions, and current jobtitle. In embodiments, the obtained data may include data from anyaccessible electronic resources under the control of the customer. Insocial networking sites or social networking services, the resourcessearched may include pages or other portions of resources maintained byor on behalf of a customer on social networking services such as theFACEBOOK®, MYSPACE® and TWITTER® social networking services, as well ascommunications, such as status updates and tweets, generated on behalfof the entity to subscribers or followers. In embodiments, datagenerated by third parties not under the control of the entity, such aswall posts and retweets, but associated with the entity in a socialnetworking site, may also be obtained. Data not generated by or onbehalf of the entity may be tagged or identified as such to provide fordifferential processing in the model, such as by providing a lowerweight to such data.

Next, the content processor retrieves content from the website (step306). The content may comprise text, images, videos, animation, or anyother website content. The content may be published on the website usingHTML, SVG, Java applets, Adobe Flash, Adobe Shockwave, MicrosoftSilverlight, or other web formats or applications. The content processoris configured for retrieving the website content in some or all of theaforementioned formats or any other format. The content processor isfurther configured to convert the content to a format suitable for thecomputerized predictive model as necessary, according to, for example,the methods described above. In some embodiments, the content frommultiple websites (e.g. a company website and one or more ratingswebsites) is obtained, or multiple pages on or linked from a company'swebsite are obtained. Once the website content has been gathered andprocessed as necessary, it is then sent to the computerized predictivemodel processor (step 308). In one embodiment, the content processingelement and computerized predictive model are located on the samephysical processor. The content processor may flag certain words, suchas “nuclear”, “explosives”, “obstetrician”, or “midwife”, that indicatethat an entity might be particular risky and should be subject tofurther review.

Upon receiving the website content, the computerized predictive modelprocesses the content according to the classification method being usedto determine at least one industrial classification for the entity (step310). The industrial classification may be a standardized classificationcode, such as a NAICS, SIC, or ICB code. Depending on available data anddesired resolution, the computerized predictive model may returnindustry, supersector, sector, or subsector classifications. Thecomputerized predictive model may first select one or more industries,then select one or more supersectors within the selected industries, andso forth, collecting additional data to achieve more specificclassifications. The computerized predictive model may also calculate avalue, such as a confidence level or likelihood, indicating how well aparticular industrial classification describes the entity. Thecomputerized predictive model may also return an estimation error.

The one or more industrial classes identified by the computerizedpredictive model are then output to a business logic processor. From theoutput of the computerized predictive model, the business logicprocessor determines an insurance risk of the entity (step 314). Thebusiness logic processor may look up an insurance risk of a particularentity in a table. The insurance risk may be further based on additionalinformation related to the entity, for example and without limitation,the company size, a geographic region in which the company operates,materials used or stored by the company, or the business cycle of theentity.

If the model outputs more than one classification for an entity, thebusiness logic processor can calculate an aggregate risk rating. Theinsurance risks associated with the industrial classifications may beweighted by the confidence level or likelihood of each industrialclassification and summed. Alternatively, the insurance risks may beweighted according to the rankings of the confidence level. There may bea set lower threshold of confidence of likelihood below which industrialclassifications are not considered. In other implementations, theinsurance risk is simply the insurance risk of the entity that has thehighest insurance risk, or alternatively the insurance risk of the mostlikely industrial classification. The insurance risk may depend on thetype of coverage sought. In this case, each industrial classificationmay have different insurance risks for different types of coverage.

In some embodiments, the business logic processor is located on anunderwriter's computer system 130, which receives the output of thecomputerized predictive model processor over the network 150. In otherembodiments one or both of the computerized predictive model processorand the content processor are located on the underwriter's computersystem 130 as well.

In addition, in certain embodiments, the insurance company can eitheraugment the predictive model using other available data related toentities or build additional standalone predictive models fromadditional data. For example, data obtained from web scraping can beaugmented with claims data by applying similar data scraping techniquesto the claims database 118, discussed above in relation to FIG. 1. Theclaims database 118, which includes descriptions of events causinginsurance claims to be made, information about the entities involved,police reports, and/or witness statements, includes information that ishighly relevant to losses entities may incur. Therefore, wordsidentified in the claims database may be assigned heavier weights in themodel as they may be more indicative of the types of claims that wouldbe received from an entity. In another example, upon receiving a claimfrom an entity, the insurance company may reevaluate the industrialclassification of the entity to determine if it needs to be changed inthe future. In this case, the insurance company system determines theindustrial classification by processing the claim data with a standalonepredictive model trained on the claims database 118 or a predictivemodel trained on both claim and web data.

In addition to industrial classification, the computerized predictivemodel or a second computerized predictive model may be used to determineadditional information about the entity. For example, the websitecontent may be analyzed by the same or another similarly trainedcomputerized predictive model to determine, for example, the companysize, a geographic region in which the company operates, materials usedor stored by the company, the business cycle of the entity, and/or anyother data relevant to analyzing insurance risk.

FIG. 4 is a flowchart of a method 400 for determining and sing theindustrial classification and insurance risk of an entity in aninsurance underwriting process, according to an illustrative embodimentof the invention. The method 400 is used in an agent-assisted and/orcomputer application-assisted system for gathering information on anentity and determining an insurance premium price for the entity. Themethod begins with obtaining the address of a website related to anentity (step 402). Once the website address is obtained, the methodincludes a loop for obtaining data related to the entity from the entity(step 404), a third party (step 406), and websites (steps 408 and 410).Once it has been determined that no more additional data is needed(decision 412), computerized predictive models and/or other processingelements output information related to the entity (steps 414, 416, and418), and an insurance price is set (step 420). Finally, the insuranceat the determined premium price is offered to the entity (step 422).

First, the website related to the entity is obtained (step 402),similarly to obtaining the web address in step 302 from FIG. 3.Preferably, a representative of the entity or agent inputs a URL relatedto the entity. If the entity does not have a website or therepresentative does not volunteer a website, the web searchingtechniques discussed with respect to step 302 of FIG. 3 may be used tofind a website published by the entity or containing information relatedto the entity. If the representative or agent does provide a website,the searching techniques may still be used to confirm the websiteprovided and/or find additional websites with information related to theentity.

Once the website is obtained (step 402) three actions are performed inparallel. The agent or computer application obtains additional data fromthe entity (step 404). At the same time, a processor seeks additionaldata from a third party (step 406), and the content processor andcomputerized predictive model scrape website data and determine at leastan initial industrial classification for the entity (steps 408 and 410).The agent or computer program may obtain basic information related tothe entity, such as its name and contact information, before obtainingthe entity's web address. However, it is useful to obtain the webaddress early in the process, so that while the agent or computerapplication are collecting information from the representative, thesystem can determine the entity's insurance risk, determine ifadditional information should be collected, and even determine whatquestions to direct to the entity based on the industrial classificationand third party data. This streamlines the insurance application processby dynamically adjusting the line of questioning as new information isgathered from the entity and outside sources and reducing the number ofquestions that the representative of the entity needs to answer.

The data is obtained from the entity (step 404) in a computer-readableformat. For example, representative of the entity or the insurance agentmay enter text, select radio buttons, select a position on a numberline, choose a response from a drop-down menu, or use any other form ofgraphical user input in a response to questions or requests from acomputer application. The representative or agent may answer questionsover a telephone or into a microphone and his voice processed with voicerecognition software. Any other known form of user input may be used. Anexemplary application for data collection is discussed below in relationto FIGS. 5 and 6.

A processor, such as CPU 202, seeks third party data for use incategorizing and assessing the entity (step 406). In some cases, websitecontent may be processed directly without the use of a computerizedpredictive model. Third party data includes data from the websitesdiscussed with respect to FIG. 3. Third party data may also be retrievedfrom an information vendor, such as those discussed above in relation toFIG. 1, which return an industrial classification or other data relatedto the entity. The method for obtaining and processing data from atleast one website (step 408) and processing it with a computerizedpredictive model (step 410) are similar to steps 306, 308, and 312discussed above in relation to FIG. 3.

Once data has been collected from the entity, data has been collectedfrom any third parties, and/or data has been obtained and processedusing a predictive model, the results are analyzed to determine ifadditional data should be collected (step 412). Several examples ofscenarios in which additional data may be useful are described below.

In one example, the insurance system has established that the entity'sindustry is food production, the entity is located in Boston, and theentity employs 15 people. The industrial class and other entityinformation can be more specific, e.g. what kind of food is produced,which neighborhood is the entity located, and how many hours are workedby the employees. Therefore, the business logic processor determineswhat or how much additional data the computerized predictive model needsto determine a more specific industrial classification. In anotherexample, the computerized predictive model has established that theentity's most likely industrial classification is bakery products, butonly with 60% confidence. Because the confidence level is low, it ispreferable to obtain more data to try to improve the confidence level.If it is determined that more data should be collected, the businesslogic processor determines whether other questions should be asked ofthe representative of the entity, and whether additional data should berequested from third parties.

In another example, a third party vendor returns the industrialclassification for “General Contractor”, but the computerized predictivemodel has returned the industrial classification “Painter.” Adisagreement between the two industrial classifications triggers areview process, wherein additional data may be sought from websites tobe inputted into the computerized predictive model, additional questionsmay be generated and asked of the representative of the entity, and/oradditional data may be sought from third parties. If the discrepancycannot be resolved, the entity may be flagged for future review by anagent, an employee of the insurance company, or a human underwriter.Once the data of interest has been gathered, it is again analyzed todetermine if additional data should be collected (step 412), and whetherit is possible to obtain the desired information with additional datacollection. If sufficient data has been received or the computerizedpredictive model returns a high enough confidence level in theclassification, then it is determined that additional data is notneeded, and the process proceeds to steps 416, 418, and 420.

Steps 416, 418, and 420 relate to outputting entity characteristics. Theindustrial classification is output to interested parties such as theagent, the representative, or an underwriter, and/or a business logicprocessor (step 414). In addition, the size of the entity, measured by,for example, annual income, number of employees, payroll, tax bracket,or another means (step 416) or any additional information about theentity, such as the location of the entity (step 418) may be output tothe interested parties and/or the business logic processor. If notoutput directly to the business logic processor or another risk analysismodule, the industrial classification and any other information may bestored until the representative or agent submits the insuranceapplication, and they may be output to the agent, representative, oranother knowledgeable party for confirmation.

The industrial classification and other application information, such asentity's name, contact information, size, location(s), type of insurancesought, and any industry-specific information is then sent to a businesslogic processor for setting the price of an insurance premium (step420). The price and/or coverage are set based on risks associated withthe industrial classification and any other characteristics of theentity. Once an offer of insurance is generated by the business logicprocessor, the offer is delivered to the entity via the agent orcomputer application (step 422). At this point, the representative ofthe entity can purchase the quote, save the quote for a later decision,request a revised quote, or turn down the quote.

The method 400 may be used not only to evaluate an entity applying for anew insurance policy, but also to reevaluate the industrialclassification of a current policy holder. From time to time,particularly when an entity's policy is up for renewal, the insurancecompany may reevaluate the premium pricing using method 400. Theinsurance company may use an abbreviated but similar method since it maynot be necessary to retrieve and/or confirm all of the information foran existing customer.

FIG. 5 is a diagram of a graphical user interface 500 of a computerapplication for obtaining data related to an entity for use in insuranceunderwriting, according to an illustrative embodiment of the invention.The graphical user interface 500 is configured so a representative of anentity can enter information about the entity, or so an agent can askquestions to the representative and fill in the answers. The first entryscreen (not shown) of the computer application includes basicinformation on the entity, e.g. name, phone number, representative name,representative address, and representative email address. Graphical userinterface 500, as shown, is a suitable second entry screen, stillfocused on general questions not specific to the industry. The webaddress is requested early, allowing the industrial classification andthird-party data requests to run in the background while the user isanswering questions.

The graphical user interface 500 includes a text box 502 in which theuser enters the entity's website address. The graphical user interface500 includes additional basic questions about the size and the locationof the company. The size of the company is entered using radio buttons504. If the user selects 1000+ employees, a later screen may ask thesame question with larger answer choices. Alternatively, the number ofemployees may be answered by using a text box or by selecting a positionalong a number line. The city is typed into text box 506, and the stateselected using drop-down menu 508. A Home button 510, a Back button 512,and a Next button 514 are used for navigation within the application.Home button 510 returns the user to a home screen, Back button 512returns the user to a previous entry screen, and Next button 514 movesthe user to the next entry screen. Hitting the Home button 510 mayautomatically save the responses so that the agent and/or representativemay return to the application. Alternatively, the computer applicationmay include a separate save function. The user is permitted to go backto previous entry screens to change answers, and the user can move aheadwithout answering all of the questions on an entry screen.

FIG. 6 is a diagram of a graphical user interface 600 for obtainingadditional data related to an entity for use in insurance underwriting,according to an illustrative embodiment of the invention. FIG. 6 is agraphical user interface that may be displayed after the computerizedpredictive model has determined that the entity is in the roofingindustry. The graphical user interface 600 asks questions specific tothe roofing industry to determine what types of buildings the entityworks on and which roofing materials are used in roofing projects.Different roofing projects and/or roofing materials may pose differentlevels of health or accident hazard and are associated with differentindustrial classifications. Thus, when pricing a policy including, forexample, workers compensation insurance to a roofing contractor, theprecise type of roofing being done by the roofers is important inestablishing risk.

Both questions in FIG. 6 are answered using radio buttons 602 and 604.The navigation buttons 610, 612, and 614 are the same as navigationbuttons 510, 512, and 514 from FIG. 5.

FIG. 7 is a diagram of a graphical user interface 700 for displayingindustrial classifications determined by a predictive model, accordingto an illustrative embodiment of the invention. The industrialclassification descriptions 704, listed in order from most suitable toleast suitable, are presented in a table with their Standard IndustrialClassification (SIC) codes 702 and confidence levels 706. The industrialclassification(s) chosen for display may be based on a maximum number ofallowable results or based on which classifications have been assigned aconfidence level greater than a minimum confidence level. Rather thanusing the SIC system, other industrial classification code systems, suchas North American Industrial Classification System (NAICS)classifications, Global Industry Classification System (GICS)classifications, Industrial Classification Benchmark (ICB)classifications, Thomson Reuters Business Classifications (TRBC),Statistical Classification of Economic Activities (NACE), Australian andNew Zealand Standard Industrial Classifications (ANZSIC), orInternational Standard Industrial Classifications (ISIC) may be used.The computerized predictive model may be trained on one industrialclassification system and store one or more lookup tables to translateto different industrial classification systems. This allows forcompatibility with newer industrial classification systems if developed.

The graphical user interface 700 may allow the user to select theindustrial classification or multiple industrial classifications thatthey believe are the most suitable. The navigation buttons 710, 712, and714 are the same as navigation buttons 510, 512, and 514 from FIG. 5.

FIG. 8 is a diagram of a mobile device 800 for executing an applicationfor presenting an industrial classification of an entity, according toan illustrative embodiment of the invention. An insurance agent whotravels may use an application on his mobile phone to fill out anapplication for an entity. For example, if an insurance agent needs toinspect facilities, assets, or behaviors of an entity for the insuranceapplication, he uses the mobile device 800 to gather information aboutthe entity while he is on-site. The mobile phone is in communicationwith the insurance company system 104 via antenna 834. The insurancecompany system 104 may perform any or all of the processing functionsneeded by methods 300 and 400 and return the results to the mobiledevice 800 for display.

As shown, the mobile device can launch one or more applications byselecting an icon associated with an application program. As depicted,the mobile device 800 has several primary application programs 832including a phone application (launched by selecting icon 824), an emailprogram (launched by selecting 826), a web browser application (launchedby selecting icon 828), and a media player application (launched byselecting 830). Those skilled in the art will recognize that mobiledevice 800 may have a number of additional icons and applications, andthat applications may be launched in other manners as well. In theembodiment shown, an application, such as insurance risk application, islaunched by the user tapping or touching an icon displayed on the touchscreen interface of the mobile device 800.

The graphical user interface 820 displayed on the mobile device 800shows the output of the computerized predictive model. The graphicaluser interface 820 shows the selected SIC code, the description of theindustrial classification, and the confidence level of the selectedindustrial classification. If the user agrees with the SIC code, thenthe user presses Accept SIC Code button 808. If the user does not thinkthe SIC code is correct and wants to change it by, for example, choosinga different SIC code from a list of other selected industrialclassifications with lower confidence levels, choosing a different SICcode from a list of all SIC codes, or manually entering a different SICcode, the user presses Change SIC Code button 810. If the user is unsureabout the SIC code and wants to try to improve the confidence level, theuser can press the Increase Confidence button 812, which will generateadditional questions and/or perform additional analysis of third partydata and website content to try to be more certain about the SIC code.In some implementations, the graphical user interface 820 can displaymultiple SIC codes, some or all of which may be suitable for the entity.

FIG. 9 is a simplified web page illustrating a type of web page thatwould be analyzed for determining the industrial classification of anentity, according to an illustrative embodiment of the invention. Toclassify The Hartford Financial Services Group, Inc., the industrialclassification system may first navigate to the company's home page, asimplified version of which is shown in FIG. 9. The web page includesimages, text, text input boxes, buttons, and links to other web pages.The content processor scrapes text from, for example, text segments 902,904, and 906, which include text that is related to the entity. Thecontent processor then processes the text, for example, counting seveninstances of the root “insur-”, six instances of the word “car”, fiveinstances of words related to “home” (“nest”, “nester”, “coop”, and twoinstances of “home”), two instances of the word “agent”, and twoinstances of the word “quote” in text boxes 902-906. The predictivemodel then processes the text information from the content processor todetermine that industrial classifications for The Hartford include autoinsurance services and property insurance services, possibly among otheridentified industrial classifications.

The content processor may also be configured to follow the links fromthe homepage to find additional text and seek out additionalinformation. As an example, the content processor may be configured toseek a location, such as an address of the corporate headquarters, ofthe entity. The content processor is configured to follow links withtitles such as “Contact Us” or “Contact Information” to find an addressfor the entity. From the web page of FIG. 9, the content processornavigates to the “Contact Us” web page, a simplified version of which isshown in FIG. 10, using the “Contact Us” link 908 at the top of the webpage of FIG. 9.

In the web page of FIG. 10, the content processor identifies that thelines of text below “Mailing Address” give the mailing address 1002 forthe corporate headquarters of The Hartford Financial Services Group,Inc. The content processor may also scrape addresses for the Sales,Service, and Claims groups of The Hartford by navigating to these webpages using the tabs 1004. As described in relation to FIGS. 3 and 4,the content processor may continue to seek additional text or otherinformation about the entity using the links in navigation bar 1006.

Referring to FIG. 11, a process flow 1100 of an embodiment of a methodof determining or verifying one or more likely industrialclassifications of an entity is shown. A processor executinginstructions in a software-implemented user front end prompts 1105 auser to input a website address of the customer. Responsive to receivinguser input of the website address 1110, the processor causes data fromthe website corresponding to the web address to be obtained 1115. Theobtained data may include data described in any embodiment, includingdata from a home page of the website and one or more additional levels,and may include only text, or text and additional data such as graphicsdata. The data may be tokenized 1120 employing suitable text extractiontools and techniques. The system may generate 1125 token counts from thetokenized website data. In embodiments, a listing of tokens, or wordsthat are determined to have significance in determining industrialclassification, may be employed. The obtained and processed websitedata, including token count data, may be structured as known in the textmining field 1130. The system may then furnish 1135 the structured datato the computerized predictive model for analysis. The model thendetermines 1140 one or more of the most likely industrialclassifications for the customer. The computerized predictive modelreturns the one or more most likely industrial classifications, and mayinclude a likelihood ranking on a numeric, verbal or graphic scaleassociated with each classification. The system causes the one or moreindustrial classifications to be displayed 1145 on thesoftware-implemented user front end on a user-accessible device. Inembodiments, the system may display two or more of the most likelyindustrial classifications and provide a prompt for a user to select acorrect classification from the displayed classifications. The systemmay in an appropriate embodiment cause to display on a user interface ona user-accessible device a plurality of candidate classifications forthe user, such as 2, 3, 4 or 5 candidates. The display may includelikelihood ranking on a numeric, verbal, or graphic scale associatedwith the candidate classifications. The display may prompt 1150 the userto select one of the displayed candidate classifications via anyavailable input scheme. The user-selected classification may be received1155, and then provided 1160 to other systems, programs or processes,including without limitation business logic processes for determininginsurance policy premiums, terms and conditions, by way of example, forfurther processing.

The system may be configured using software to display on a user devicean option for a user to provide feedback based on the identifiedclassifications. By way of example, the user may have an option toindicate that none of the identified candidate classifications arecorrect. Such a response may cause the system to store the comment forfurther processing for use in model development and analysis, prompt thesystem to commence a routine for interaction with the user to seekadditional information, prompt a human user to contact the user, returnthe data to the model for further processing, or other actions.

Referring to FIG. 12, a screen shot of a screen generated on a userdevice by a web-based industry classifier system is shown. The web-basedsystem may be accessible by insurance agents, entity representatives andinsurance company personnel such as underwriters. In embodiments, theweb-based system may only require that a user-accessible client devicerun a browser compatible with an insurance company or third partyprovider webserver, which webserver may communicate with a systemhardware server (or multiple servers) for performing data processingoperations such as obtaining entity electronic resource data,tokenizing, generating token counts, structuring data, and applying apredictive model to structured data. Screen 1200 provides an inputprompting a user to provide a website address for an entity 1210. Anopen website button 1220 causes the system to open a window displayingthe target website. The screen 1200 further displays a path 1230 orother identification of a document having a list of tokens. Inembodiments, an input (here, button 1235) may permit a user to browsefor selection of an alternate list of tokens. Screen 1200 furtherdisplays a path or other identification of a statistical model 1240. Inthe displayed embodiment, the Rotation Forest statistical model isemployed. The Rotation Forest statistical model is described, forexample, in Rotation Forest: A New Classifier Ensemble Method, IEEETransactions on Pattern Analysis and Machine intelligence, October 2006(vol. 28 no. 10), pp. 1619-1630, by Juan J. Rodriguez, Ludmila I.Kuncheva, and Carlos J. Alonso (hereinafter “Rodriguez, et al.”). Button1245 permits a user to browse for and select an alternative statisticalmodel. In embodiments, one or more of the displays and options for tokenlists and statistical models may be omitted. The browser based system isconfigured to receive a listing of most likely classifications from astatistical model and return those in window 1250. The user may thenselect one of the returned classifications, such as by using a pointingdevice or cursor to highlight one of the listed most likelyclassifications and selecting classify button 1260, which causes thebrowser to return the user selection to the system. In embodiments,confidence levels may be provided associated with the classifications.In embodiments, a percentage score summing to 100% may be provided, or apercentage score summing to a lower figure, may be provided.

In embodiments, the system may be configured to classify entities in oneof the following list of industries:

-   -   Food Processors    -   Retail    -   Metal Manufacturing    -   Real Estate    -   Educational Services    -   Business and Personal Services    -   Financial Services    -   Technology Manufacturing    -   Associations    -   Printing and Publishing    -   Construction    -   Professional and Medical Offices    -   Entertainment    -   Cultural Organizations    -   Technology

In embodiments, the system may further classify entities into finercategories.

The classification results may be employed in business processes,executed, by way of example, by one or more business logic processors,including real-time underwriting and validation and fraud detectionprocesses. It will be appreciated that such validation and frauddetection processes may be executed at any suitable time, including inconnection with evaluation of claims.

An exemplary model may be built using approximately 20% of availabledata, such as 6500 websites out of over 30,000 available websites. Morethan one model may be implemented in a system, and a wide range ofmodels may be implemented.

A best model based on testing has a perfect classification rate close to70%.

Model building time increases as more data and more sophisticated modelsare used. LRO risk can affect model accuracy.

In demonstrations and testing, the following websites were tested andnoted results achieved. In the small commercial category: A dentalpractice website was successfully classified in the industrialclassification Professional and Medical Offices. A website of a servicefor recovery of lost data was successfully classified in the industrialclassification Technology. A university was successfully classified inthe industrial classification Education. A provider of dog training,grooming and boarding services was successfully classified in theindustrial classification Business and Personal Service. A mortgageorigination firm was successfully classified in the classificationFinancial Services. A provider of hazard and aviation obstructionlighting was classified in the classification Real Estate; this resultmay not be the best classification.

In the small commercial category, the system has providedclassifications of Food Processors for a business that provides foodproducts at the wholesale level, and Entertainment for a businessproviding audio products for use in enhancing cognitive performance;both of these results may not be the best classification.

In the large commercial category, embodiments of the system havesuccessfully categorized a search services provider in the Technologyindustrial classification and an insurance company in the Financialindustrial classification.

In embodiments, use of 20% of available data has achieved good results.Higher percentages of available data, such 50% or 100% of data may beemployed.

In embodiments, greater numbers of keywords may be used, such as greaternumbers of tokens. About 500 tokens has provided good results.

In embodiments, improved structured data before submission to thepredictive model may be employed.

Computing time increases as data size and token size increase. Forexample, for an increase of data from 10% to 50% (5×) and an increase ofkeywords from 500 to 20,000 (40×), a roughly 200 times increase incomplexity and possibly in computing time results.

In embodiments, more than one predictive model may be applied to entitydata. The selection of the classification may be based on voting,weighting or other processes run on differing results provided bydifferent predictive models on the same entity data. In embodiments, thepredictive models may be applied iteratively to the entity data, ormultiple iterations may be run using one or more predictive models, withprocessing between iterations including removing selected token data,restructuring the data, removing low probability industries orclassifications from consideration, by way of example.

With more data, more tokens and more sophisticated models, and/oradditional models, the accuracy will increase, but model building timemay increase. Run time for real-time scoring will not be affectedsignificantly once the one or more models are built.

In embodiments, error detection capabilities may be included in thesystem processing. By way of example, websites or other electronicresources with overall text content below a threshold, or providingtoken counts below a threshold, may be returned to the user as errors.The error detection processing may be implemented prior to tokenization,e.g., from comparing a character count to a threshold, aftertokenization using a suitable threshold, using token counts, thus priorto submission to the one or more predictive models. The predictivemodels may also include error processing, such as providing a confidencevalue below a threshold as an error.

FIG. 13 shows an exemplary screen shot relating to Experian Brick Data,which provides over 40 million records with finer industryclassification codes, which may be used for suitable purposes, such asmodel development and training.

FIGS. 14A, 14B and 14C show an exemplary process flow of an embodimentof a method of determining industrial classification of an entity.

The process flow of FIGS. 14A, 14B and 14C may be performed by asuitable computer system such as the system described above withreference to FIGS. 1 and 2. In an initial step, data indicative of awebsite address 1402 of a prospective insured entity is received 1404.The data indicative of a website address may be a web address, oruniform resource locator (URL). In embodiments, the data may beindicative of content provided by the proposed insured in a socialnetwork, such as an address on any of the FACEBOOK, TWITTER, GOOGLE+,MYSPACE or other social networks. In embodiments, data relating to theinsured entity may be obtained from any third party data source. Thethird party data sources may include in embodiments data fromadvertising sources, such as yellowpages.com, services providingratings, such as Angie's List and Yelp, and other sources.

The system then attempts 1406 access to the provided prospective insuredweb address. The system may employ any suitable web scraping softwarefor this purpose. This portion of the process flow may be performed by aweb server distinct from a system processor. The web server may accessand return to a system processor data extracted from the providedaddress. The system determines whether the provided address is valid.For example, there may be no content corresponding to the providedaddress. If the system determines that the address is not valid 1408,the process flow may proceed to a step of prompting 1410 the user for acorrected address. By way of example, the system may be configured todisplay indicating that the address is not valid and requesting entry ofa corrected address, on a user screen display.

If the address is determined to be valid, the system may attempt 1412 tocollect level 1 data from the website. This may be implemented by a webserver executing web scraping or web crawling software. Level 1 data isdata on a first level of a website, or a website home page or landingpage. The system may evaluate whether level 1 data is available 1414, orwhether sufficient data is available. For example, if the system isconfigured to collect only text data, and there is no more than athreshold minimum number of words of text data in Level 1, the systemmay display 1416 an error message indicating that the website does nothave sufficient available Level 1 data available. In embodiments, theprocess flow may end at this point. In other embodiments, the processflow may continue with a prompt for alternative address information, forexample. Similarly, if the system is configured to collect and convertto text static image data as well as text data, but the landing page ofthe website features data in video format, the system may be configuredto provide an error message. In embodiments, the system may beconfigured to access static image data and video data as well as textdata.

In an embodiment, if the system determines that accessing the website orother electronic resource is blocked by prohibitions on web crawlingsoftware, the system may proceed to check for user consent to websitereview. If consent has been obtained, then the system may proceed. Ifconsent has not been obtained, then the system may generate a display ofa consent screen having click or check approval of a consent for use ofa webcrawler.

If the system determines that there is at least a threshold number ofwords in the level 1 data, the system proceeds with collection 1418 ofthe text data. The text data may be stored as at 1420 in a text datafile in a data storage device. The text data may be stored withoutanalysis in a file format including character data as obtained from thewebsite, thereby preserving spacing and punctuation mark data as well ascharacter data. The system may be configured to convert text data storedin image files, extracted from static image data, video, or both, totext using optical character recognition algorithms by way of example,and incorporate such converted text data as shown at 1420. Inembodiments, the system may be configured to analyze sound files, usingspeech recognition algorithms, by way of example, and extract text datafrom such sound files and incorporate such extracted sound file datawith text data at 1420.

Referring to FIG. 14B, the system may review 1422 the Level 1 data forlinks to Level 2 data. Level 2 data is the next level of web pages thatare linked directly to a home page or landing page. A suitable algorithmmay be employed to identify links to pages that are part of the samewebsite maintained by the proposed insured, based on wording in theaddress, for example, as distinguished from links to websites notmaintained by the proposed insured. If one or more Level 2 pages areidentified, then the system may proceed to access and scrape text data1424 from the Level 2 pages. Text data from Level 2 pages may be storedin a data storage device 1426 with text data from Level 1 or separately.In embodiments, more levels of the website may be accessed and the textdata scraped. For example, if the number of words obtained from Level 1and Level 2 combined is below a threshold value, then the system mayaccess a third level of the website. In embodiments, other electronicresources, such as social media pages maintained by the proposed insuredmay be similarly accessed, and the system may extract text data fromthose other electronic resources. For example, social media addressesmay be displayed on an entity website, and may be accessed from theentity website. Social media page data as well as social media feed datamay be accessed. As social media feed data may be more current thanwebsite data, social media feed data may be more heavily weighted, suchas by applying multipliers to token counts related to social media feeddata. More recent social media feed data may be indicative of changingbusiness areas and new risks associated with the business entity.Exemplary social media sites that may be accessed include Twitter,Facebook, Instagram and Google+.

The system may access data preparation rules 1430 and apply datapreparation rules 1428 to all levels of the obtained data. The datapreparation rules may include rules for tokenizing the data intoindividual words called tokens. “Tokenizing” refers to process ofbreaking a stream of text up into words, phrases, symbols, or othermeaningful elements called tokens. In embodiments, tokenizing may breakthe text into individual words, but the tokens may include phrases orother meaningful elements in embodiments. Graphical data may be brokeninto tokens such as symbols and patterns recognized as particular typesof images, such as images corresponding to types of products, equipment,devices and the like. Suitable image-recognition algorithms may beimplemented in software for identification of items in images; theidentified terms recognized by image recognition algorithms may betokenized in the same manner as text data, by way of example.

The rules for tokenizing text may include rules that identify characterstrings bounded by spaces or punctuation as tokens. The tokenized datamay be stored as a set of tokens. The data preparation rules may furtherinclude rules for stemming. Stemming may include modifying all words ortokens to a single part of speech, such as by removing endings such athe letter “s” and the letter strings “ing” and “ed” at the end of thewords. The data preparation rules may further include rules for spellingnormalization. The words may be checked against a database of words andchanged to a nearest word as part of the normalization process. Therules may include capitalization normalization rules, so that anycapital letters are consistently converted to lower case letters. Thedata preparation rules may include stop word removal rules. Stop wordsmay be stored in a database and include words very commonly used buthaving little predictive value, such as conjunctions, such as “and,”“but’ and “or,” and articles such as “the”, “a” and “an.” All stop wordsmay be removed from the text data.

The resulting text data may be referred to as a tokenized data set. Thesystem may determine 1432 term frequency for the tokens. The termfrequency determination may include a count of the number of occurrencesof each term in the tokenized data set. The system may then store in afile an association between each detected token and the number ofoccurrences of each token. This file represents the term frequency ofthe data.

The system may then access inverse document frequency data 1436. Inversedocument frequency (IDF) data 1436 includes for each of a large numberof words that may be used in websites, a value that reflects thefrequency of use of the word in websites in general. Words that arefrequently used in websites of different types of businesses have littlepredictive value and thus are weighted lower in determination ofbusiness type. For example, the term “copyright” appears in a very highpercentage of websites, and thus has a low value. In an embodiment, theIDF for a term may be determined by log(total number of documents/numberof documents containing the term). By way of example, for a termappearing 1000 times in a database of 10 million documents, theIDF=log(10,000,000/1,000)=4. Thus, for this relatively rarely appearingterm, the term frequency value is multiplied by 4.

Each token that has a corresponding inverse document frequency value hasa value assigned 1434 by multiplication of its term frequency by inversedocument frequency to obtain a term frequency-inverse document frequencyvalue (TFIDF) for each such token. The set of tokens and TFIDF values isstored in a file.

In embodiments, tokens generated based on image data and video data maybe generated, and corresponding term frequency-inverse documentfrequency values obtained for such tokens. As discussed, such tokens maybe based on image recognition algorithms to identify symbols, devices,equipment, clothing, characteristics of individuals, and other data. Byway of non-limiting example, image recognition algorithms may identifyimages of vehicles on a web page of an appliance retailer; suchidentification data may be tokenized and processed to increase alikelihood that the appliance retailer has a delivery service inaddition to a retail business. By way of further non-limiting example,image recognition technology may identify images of tractor-trailers ona web page of an entity stated to be a local delivery service; suchimage data may be tokenized and processed to increase a likelihood thatthe entity also provides long-distance hauling services. Similarly,images of vans and small trucks on an electronic resource of an entitystated to be a long-distance hauling service may be tokenized andprocessed to increase a likelihood that the entity also provides localdelivery services.

The system then accesses a predictive model using classification trees1440 stored in a memory storage device. The predictive model may useusing the rotation forest technique or a predictive model using amodified version of classification trees. In some embodiments, becauseclassification trees only split on one variable at each split in thetree, while in embodiments, the rotation forest technique uses a linearcombination of variables at each splitting point. The predictive modelis then applied 1438 to the TFIDF values and corresponding tokens. Inembodiments, a predictive model employing classification trees may beapplied to the TFIDF data to obtain a ranked listing of industrialclassifications and associated probabilities that the classificationsare accurate.

A predictive model incorporating classification trees may be accessedfrom memory by a system processor and applied to the TFIDF table.Classification trees include nodes connected by branches in a spreadingpattern. Each node may define a binary rule for proceeding to one of twonext nodes depending on a TFIDF value for a given term. Terminal nodesdefine two or more classifications and a confidence value associatedwith each classification. A predictive model of this type may havethousands of trees having in total tens of thousands or hundreds ofthousands of terminal nodes. An example of a portion of a classificationtree is shown in FIG. 21. Terms subject to rules and values of exemplarynodes are shown. Each token in a document that corresponds to a term inthe predictive model contributes to the classification determination.The processing of each token by the classification trees is dependent onthe associated TFIDF value. Thus, for two different websites, eachhaving the same set of tokens, different classification results may beobtained from different token counts resulting in different TFIDF valuesoperated on by the predictive model.

In the predictive model, each token and associated TFIDF value isprocessed through one or more trees, and the processing continues untila terminal node is reached. The results of the terminal nodes are thencombined in a suitable manner to obtain a final listing ofclassifications and associated likelihoods.

An output of the system processor executing the predictive modelincludes two or more classifications and a probability value for each.The data may be provided to a web server for rendering a web page fordisplay on a user devices, such as an agent or potential customerdevice. The web page may display 1442 first data including the twoclassifications, or more than two classifications, along with seconddata including the associated determined probabilities of theclassifications. The web page may be configured to prompt the user toselect one of the classifications. The web page may be configured toprovide help text to assist the user in determining a properclassification. For example, the web page may be configured to, upon apointer device being positioned over a classification, provide a popupbox or other text box with text providing more information and examplesto assist in the selection of a proper classification. Examples mayinclude text providing, for a listed classification, examples ofspecific businesses that are properly classified in that classification.

Upon user selection 1444 of the classification, the selection data maybe provided to further insurance company processing systems. Forexample, entity data may be provided to an underwriter terminal or arating system for determination of a premium. An entity file may beprovided with data including address and other data.

In embodiments, if the highest likelihood or confidence level fallsbelow a threshold, the system may attempt to access further websitelevels or further electronic resources, such as seeking additionalsocial media sites, associated with the entity. Upon identification ofsuch additional levels or electronic resources, the process of obtainingtext data, tokenizing, determining the TFIDF values, and application ofthe predictive model, may be repeated incorporating the additional data.Alternatively, the user may be prompted to provide the classification.

The system may further be configured to apply a list of insurance riskalert words or terms 1446 to the tokenized list of terms extracted fromthe entity website. The insurance risk alert terms may be terms that areselected as representing insurance risk and thus a likelihood ofadditional underwriting review being required. The insurance risk alertterms may include terms other than tokens employed in the predictivemodel, or terms overlapping with the predictive model. Insurance riskalert terms may include individual words and phrases. In embodiments,insurance risk alert terms may include image recognition data, such asimage recognition of radiation hazard symbols, by way of non-limitingexample. Identified alert terms may be stored 1450 in a file and madeaccessible 1452 to an underwriter terminal 1460 or otherwise accessibleto an underwriting system. The alert terms may be provided in a listinghaving an order based on a risk weighting, frequency rating andcombinations thereof. For example, certain insurance risk alert terms,such as “asbestos” and “isotope” may be given a high risk weighting andhence provided near a top of a list of insurance risk alert terms.

In embodiments, address and other data verification may be employedusing data obtained from the prospective insured website. For example,an address may be identified in the text of the website, and compared toa stored address. Address data may also be employed for verification ofnumber of sites.

Other data extracted from the website may be analyzed for determininginaccuracy or fraud in submitted data. For example, text data may beanalyzed for indications of numbers of employees, period of time inbusiness, and other data, and compared to data input by or on behalf ofthe proposed insured. Discrepancies may be identified in the comparisonand analysis using suitable algorithms, and provided to an underwriterterminal as a fraud warning or fraud alert message or otherwiseincorporated into the insurance evaluation. For example, a fraud riskmay be incorporated into a premium pricing determination by increasing apremium price, or in a term of coverage determination, by reducing aterm otherwise available.

Referring to FIG. 15, a user device displaying a screen shot of a webinterface generated by a web-based industry classifier system is shown.The user device 1500 may be a user device of an insurance agent, anowner or other representative of an entity that is applying forinsurance, or of an insurance company employee or contractors, such asan underwriter. The user device 1500 may be in communication with a webserver system that generates the illustrated display, and, further incommunication via the web server system with a system for determiningentity classification based on obtaining entity electronic resourcedata, data preparation including tokenizing text data, removing stopdata, generating token counts, applying token frequency data to tokencount data, and applying a predictive model to the token count data. Theillustrated screen may be entirely browser based, or may be generated byone or more of a browser plug-in downloaded to the user device andexecuting together with client-side browser software, a stand-aloneapplication downloaded or otherwise installed on the user device andexecuting on one or more processors of the user device. Display device1502 shows screen 1504. Screen 1504 provides a prompt for a user toinput via text input a website address for an entity 1510. User device1500 has one or more user input devices, which in this illustrationinclude physical keyboard 1506 and mouse 1508, but may include inembodiments any other input devices such as touch screens.

Screen 1504 includes a view button 1515. User selection of the viewbutton 1515 serves as an instruction to the system to cause the clientside browser or application to access the website at the enteredaddress, and display the website, such as in a separate tab or window.In an embodiment, as shown in FIG. 16, the system is configured suchthat user selection of view button 1515 causes the system to overlay animage of the selected website along with a prompt to a user to indicateeither that the image represents the user's website or does notrepresent the user's website. By way of example, as shown in FIG. 16,the system may be configured to provide a popup box over the 1610 overthe screen display, the popup box 1610 including a box 1620 for displayof the retrieved website. The popup box 1610 may further include a useroption or button 1630 to indicate that the website is not the entity'swebsite. Selection of user option 1630 may cause the redisplay of thescreen of FIG. 15, to permit the user to correct the URL data. The popupbox may include a user option or button 1640 to confirm that the websitedisplayed in box 1620 is the entity's website. Selection of button 1640causes the system to proceed with the process of accessing website dataand determining classifications.

In embodiments, the system may be configured to, upon accessing a secondlevel of a website, provide a display analogous to popup box 1610 todisplay at least a first image of the accessed second level screen andprovide user options to confirm or deny that the displayed second levelscreen is part of the user's website. By way of example, the system mayincorrectly identify a third party website linked from a home page aspart of the user's website. Data indicative of a denial may be providedto an underwriter or used to increase a fraud risk value associated withthe entity; for example, a denial may in fact be associated with alocation or business operation that the entity is attempting to concealfrom the insurer. Similarly, an image from a third party website orother resource, such as a review or advertising website, may bepresented to the user for verification that the advertisement or reviewsrelate to the entity. In embodiments, two or more images from a secondlevel screen, third party website or other electronic resources may bedisplayed along with user optiosn to confirm or deny that the displayedimage relates to the entity.

The screen 1504 further displays a path 1530 or other identification ofa document having a list of tokens. In embodiments, an input (here,button 1535) may permit a user to browse for selection of an alternatelist of tokens. Such an option may be available in embodiments in whichmultiple token lists have been developed for application to entitieshaving differing features other than classification. These features mayinclude geographic location such as by state, region or city; entitysize, by number of employees, revenue in a monthly period; and otherfactors. In embodiments, token list selection may be available only to aselected class of users, such as insurance company personnel, whileother classes, such as entity representatives and agents, may not beable to select a token list.

Screen 1504 further displays a path or other identification of astatistical model 1540. In the displayed embodiment, the Rotation Foreststatistical model is employed. Button 1545 permits a user to browse forand select an alternative statistical model. In embodiments, one or moreof the displays and options for token lists and statistical models maybe omitted.

Screen 1504 provides a user selection 1550, here a button labeled“classify,” to permit the user to provide an instruction for the systemto commence the process of accessing and analyzing entity website datato provide classifications. Screen 1504 is provided with an area 1555for display of the determined classifications and their associatedprobabilities. Screen 1504 further displays at 1560 a path or otherdesignation of a listing of insurance risk alert words to be applied tothe website. Insurance risk alert words include terms that are selectedfor likelihood of additional underwriting review being required. Inembodiments, a user may be provided with a selection of differentlistings of alert words. For example, multiple alert word lists may havebeen developed for application to entities having differentcharacteristics, such as geographic location, entity size and otherfactors. Button 1565 may provide the user a selection of one of multiplesuch alert word lists. The user option for selection of alert word listsmay be omitted in embodiments. Screen 1504 provides area 1570 fordisplay of system-identified alert words to the user.

Referring now to FIG. 17, screen 1704 is shown displayed on display 1502of user device 1500 after completion of determination ofclassifications. Screen 1704 includes on display area 1750 a listing ofidentified classifications and associated likelihoods, ranked indescending order of likelihood. In embodiments, more or fewerclassifications may be provided, and alternative display arrangementsmay be provided. The system may generate popup box 1760 havingexplanatory text relating to one or more of the listed classifications,including text such as examples to assist in selection of a correctclassification. Screen 1704 further displays in area 1770 identifiedalert words. Each alert word is identified with an identified number ofoccurrences. The alert word data is provided to an underwriting systemor an underwriter for further analysis. The underwriting system mayinclude a business logic processor configured to make an insuranceevaluation of the entity. The insurance evaluation may include one ormore of determining a premium, determining insurability, determiningavailable coverages, determining coverages for recommendation orsuggestion, determining a rating, and other insurance evaluations.

Examples of data structures employed in the analysis of businesswebsites will now be provided. Referring to FIG. 18, an excerpt of adata table 1800 is shown indicating inverse document frequency values inrow 1810 associated with tokens in row 1820. As discussed above, theinverse document frequency values are applied to token frequency valuesto generate an input table for the predictive model. As can be seen inFIG. 18, the value associated with the term “looking” is relatively low,while the value associated with the term “steel” is relatively high.

Referring to FIG. 19, an example of an excerpt of a token count 1900from a website for a dentist's office. As may be seen, tokens relatingto dentist and dentistry have very high counts.

Referring to FIG. 20, an excerpt of a data table 2000 is shownindicating exemplary token frequency-inverse document frequency valuesfor a business. Tokens are shown in row 2020, and the values in row2010. Certain of the tokens identified in the entity website were notidentified in the inverse document frequency table and have beenassigned a value of 0. Those tokens are not used by the predictivemodel. Other tokens have been assigned values based on their tokencounts and inverse document frequency values.

By way of example, the token “private” is identified in an entitywebsite as occurring 5 times. The entity website has 37789 tokens.Accordingly, the token frequency for the term private is given by:

TF=5/37789=0.00013231363

The corresponding inverse document frequency value for the term“private” is taken from a table, such as that shown in FIG. 18, as0.384949046682873. Accordingly, the TFIDF value for the token “private”is given by:

0.00013231363*0.384949046682873=0.000050934

The predictive model may be implemented using the rotation forestapproach, as noted above. In an embodiment, the rotation forestpredictive model may be built using one or more of the tools availablefrom Waikato Environment for Knowledge Analysis (WEKA) suite of machinelearning tools. These tools may be accessed athttp://www.cs.waikato.ac.nz/ml/weka/. The pseudocode disclosed inRodriguez, et al., may be employed, by way of example, in the trainingphase and classification phase of the rotation forest predictive model.Broadly, the rotation forest technique combines principal componentanalysis (PCA) with classification trees. PCA provides for orthogonaltransformation to convert a set of possibly correlated variables into aset of values of linearly uncorrelated variables. Classification treesare then applied to the transformed data.

In an embodiment, 150 J48 trees (i.e. classification trees) from WEKAmay be used. An example of a WEKA scheme is:weka.classifiers.meta.RotationForest -G 3 -H 3 -P 50 -F“weka.filters.unsupervised.attribute.PrincipalComponents -R 1.0 -A 5 -M-1” -S 1 -num-slots 40 -I 150 -W weka.classifiers.trees.J48—-C 0.25 -M2. The resulting trees provide a large number of possible paths for eachtoken and associated TFIDF value. The trees terminate in terminal nodeshaving industrial classifications and associated probability values.

Referring to FIG. 21, an example of a portion of a classification treeis shown. Coefficients associated with particular tokens may be seen, aswell as values related to determining classifications and likelihoods.

The generation of a predictive model may use data based on up to 20,000tokens.

Other types of ensemble classification models, such as bagging,boosting, and random forest may be employed in embodiments. Otherclassification model types, such as naïve Bayesian models, Bayesiannetwork models, K-Nearest neighbor models and support vector machines,as well as classification trees not using the rotation forest or randomforest technique may be employed.

In embodiments, the computerized predictive model may operate in realtime, so that results are returned in real time to system users, such asinsurance agents and underwriters and other insurance company personnel,within minutes of user initiation of the process. In embodiments, thesystem may be configured to perform classification determination usingthe predictive model in batch mode.

Steps of the methods performed herein may be performed in the orderdescribed in embodiments, or in other order, or with additional steps orwith omission of one or more steps.

The methods described herein may be executed by one or more computerprocessors in communication with one or more data storage devices,display devices, user input devices, communication devices and otherhardware devices. Such hardware devices may be co-located or location atmore than physical location. In embodiments, cloud-based computingtechniques, in which processing, communication and/or data storage areperformed by use of third party processing, communication and/or datastorage resources of third parties may be employed for one or more stepsin the processes described herein.

Variations, modifications, and other implementations of what isdescribed may be employed without departing from the spirit and scope ofthe disclosure. More specifically, any of the method and system featuresdescribed above or incorporated by reference may be combined with anyother suitable method, system, or device feature disclosed herein orincorporated by reference, and is within the scope of the contemplatedsystems and methods described herein. The systems and methods may beembodied in other specific forms without departing from the spirit oressential characteristics thereof. The foregoing embodiments aretherefore to be considered in all respects illustrative, rather thanlimiting of the systems and methods described herein.

What is claimed is:
 1. A system for making an insurance evaluationcomprising: one or more computer processors configured to: retrieve,from an electronic resource, data indicative of content related to anentity seeking an insurance policy; tokenize the retrieved data;generate token count data based on the tokenized data and store thetoken count data in one or more data storage devices in communicationwith the one or more computer processors; execute a computerizedpredictive model by: processing the token count data using thecomputerized predictive model; and outputting, based on the processing,first data indicative of at least one industrial classification andsecond data indicative of a likelihood of the industrial classificationbeing associated with the entity.
 2. The system of claim 1, furthercomprising a business logic processor configured to receive the firstdata indicative of at least one industrial classification and make aninsurance evaluation of the entity based on the at least one industrialclassification associated with the entity.
 3. The system of claim 1,wherein the executing the computerized predictive model comprisesdetermining a plurality of candidate classifications and associatedlikelihoods, and the one or more processors are further configured todisplay the plurality of candidate classifications and associatedlikelihoods, to prompt the user to select one of the candidateclassifications, and to receive a user selection of one of the candidateclassifications.
 4. The system of claim 1, wherein the one or moreprocessors are further configured to identify one or more insurance riskalert terms from the electronic resource, and to provide to anunderwriting terminal the identified one or more insurance risk alertterms.
 5. The system of claim 1, wherein the computerized predictivemodel implements the rotation forest technique.
 6. The system of claim1, wherein the one or more processors are further configured to accessat least a first and a second level of the electronic resource.
 7. Thesystem of claim 6, wherein the first level is a website and the secondlevel comprises a social media site.
 8. The system of claim 1, whereinthe one or more computer processors are further configured to receivefrom a user an address corresponding to the electronic resource, accessthe electronic resource corresponding to the address, display at least afirst image of the electronic resource on the user device, and promptthe user to confirm or deny that the image represents an electronicresource associated with the entity.
 9. The system of claim 1, whereinthe one or more computer processors are further configured to structurethe token count data using inverse document frequency data.
 10. Thesystem of claim 1, wherein the one or more processors are furtherconfigured to compare address data collected from the electronicresource with another source of address data for the entity, and tooutput a fraud warning based on a result of the comparison.
 11. Thesystem of claim 1, further comprising a quote generation processorconfigured to receive the first data and to generate an insurance quotebased at least in part on the first data.
 12. The system of claim 1,further comprising a business logic processor configured to perform aninsurance evaluation, wherein the insurance evaluation comprises atleast one of an insurance risk, an insurance premium price, a level ofunderwriting necessary, insurance claims analysis, insurance marketinganalysis, a number of employees, a geographic location and an actuarialclass.
 13. The system of claim 1, wherein the retrieved data comprisestext data, and the tokenizing comprises breaking the text data intowords.
 14. A computerized method for performing an insurance process,comprising: receiving by one or more computer processors an electronicresource address related to an entity; retrieving by the one or morecomputer processors content available at the electronic resource addressand storing the retrieved content in one or more data storage devices;tokenizing by the one or more computer processors the content;generating by the one or more computer processors token count data basedon the tokenizing; applying, by the one or more computer processors, acomputerized predictive model to the token count data to determine firstdata indicative of at least one industrial classification associatedwith the entity and second data indicative of a confidence levelassociated with the at least one industrial classification; outputtingfor display on a user device the first data and a user prompt forconfirmation of at least one of the one or more industrialclassifications; and receiving user confirmation of one of the one ormore industrial classifications associated with the entity.
 15. Themethod of claim 14, further comprising performing by a business logicprocessor an insurance process relating to the entity based on the atleast one industrial classification associated with the entity.
 16. Themethod of claim 14, wherein the retrieved content comprises text, imageand video content.
 17. The method of claim 14, further comprisingaccessing data relating to the entity from one or more third partyelectronic resources and including the data accessed from the one ormore third party electronic resources in the tokenized data.
 18. Anon-transitory computer readable medium having stored thereininstructions for, upon execution, causing a processor to implement amethod for performing an insurance process comprising: obtaining anelectronic resource address related to an entity; retrieving contentpublished on the electronic resource; tokenizing the content; generatingtoken count data based on the tokenizing; processing by one or morecomputerized predictive models the token count data to determine atleast first data indicative of one or more industrial classificationsassociated with the entity and second data indicative of a likelihoodassociated with each of the one or more industrial classifications; andoutputting the first data and the second data.
 19. The non-transitorycomputer readable medium of claim 18, wherein the instructions furthercause the processor to: identify one or more insurance risk alert termsfrom the electronic resource, and provide to an underwriting terminalthe identified one or more insurance risk alert terms.
 20. Thenon-transitory computer readable medium of claim 19, wherein theinstructions further cause the processor to weight the identified one ormore insurance risk alert terms, and display the identified one or moreinsurance risk alert terms in weighted order.